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4) A further change in the Income sector has seen the Edinburgh Investment Trust , run by Neil Woodford, removed due to its high premium. We first added it to Citywire Selection in 2010 when the shares traded at a near 10% discount. This narrowed and then disappeared and the trust has traded at a premium of an average of 5.5% over the last year. We now prefer direct access to Neil Woodford’s Invesco Perpetual High Income fund , which is still in Citywire Selection.

7) Neptune's US Opportunities fund is near the top of its sector over the last five years, but a number of sector rotations have not been rewarded and performance has deteriorated. Sustained outperformance in US equities is proving difficult for many active managers.

9) The Threadneedle Absolute Return Bond fund has struggled to find its feet since a strong showing in 2007 and 2008. Following the departure of two team members, fund manager Qunetin Fitzsimmons has bolstered the team and performance could be resilient in difficult conditions through its bond and currency positions. But we feel that a return to consistent positive returns might prove more challenging to come by.